Economy

Nigeria is introducing a scorecard system to gauge the performance of its public officeholders. 

The news: In a recently released Central Delivery Coordination Unit (CDCU), the government hopes to offer its citizens a medium to measure and review the performance of public officeholders. The Bola Tinubu-led administration says it has a goal of “ensuring citizen-centric governance for accountability and transparency.”

Central Delivery Coordination Unit? The CDCU is the second iteration of two performance tracking platforms the government had earlier created in August 2022. Both platforms—Presidential Delivery Tracker (PDT) and the website of the Central Delivery Coordination Unit (CDCU)—were designed to help citizens track the government’s deliverables and performance on policies, projects, and programmes.

In its latest iteration of the CDCU, the government has launched an app alongside building a Delivery Reporting Framework and Template that mirrors international standards. 

Will this project hold water? Nigeria’s latest swing at open governance is not a first on the continent. Morocco’s revised constitution of 2011 outlined government goals in making information available to its citizens. Similarly, Kenya’s constitution—section 35—guarantees its citizens’ rights to government information. 

While the Nigerian government has implemented the tracker, questions in the hearts of the citizens will be whether the data captured is accurate and not manipulated. As the tracker brings to the fore the performance of public officials, citizens will also be eager to know if there will be consequences for public officials who consistently underperform according to the scorecard or whether the data be readily available and easily understandable for the public.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

AI

A week after Nigeria announced plans to develop its National AI strategy, Kenya is following suit. 

Let’s—pardon our AI—delve into it: In a recent kick-off meeting held on April 8, 2024, the Kenyan government, in collaboration with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) known as “German Development Cooperation” in English, launched a project to formulate a National Artificial Intelligence (AI) Strategy. 

With support from the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union, the initiative, named “FAIR” which means “Forward Artificial Intelligence for All,” aims to leverage AI’s potential for driving Kenya’s digital transformation and achieving the Sustainable Development Goals. 

The effect of the launch of Kenya’s AI strategy: AI can positively impact various sectors in Kenya, such as health, education, finance, and security and forming a strategy which will include policy and regulation-making will reduce its excesses. 

Bodo Immink, the Country Director of GIZ said the project represents a significant step forward for Kenya in harnessing the power of AI for sustainable development and social inclusion. 

Prior to the launch, on March 26, 2024, the Kenya National Commission for UNESCO (KNATCOM), in partnership with UNESCO, hosted a Stakeholders’ Consultation Forum in Nairobi to address Kenya’s Readiness Assessment (RAM) on AI. 

The forum marked a significant step in Kenya’s dedication, alongside UNESCO’s 193 Member States, to champion ethical principles in AI development. 

The 2021 adoption of the Recommendation on the Ethics of AI has shown Kenya’s commitment to prioritising human rights and promoting inclusivity in the advancement and deployment of AI technologies.

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Energy

Over the past ten years, SA has suffered load shedding which has seen citizens enjoy barely 10 hours of electricity per day. One of the culprits: data centres, which typically guzzle 12-20MW of power, creates a problem in the country as South Africa is known for its frequent power cuts.

To address this, Teraco, an African major data centre provider, announced plans in February 2024, to build a 120-megawatt solar farm in the Free State province to supply clean energy to its facilities across South Africa.

Africa Data Centres (ADC), another major player, has followed suit. It has partnered with its sister company, Distributed Power Africa (DPA) Southern Africa, to build a 12MW solar farm also located in the Free State province to power its data centres. 

The partnership, which is part of a 20-year power purchase agreement signed in March 2023, will ensure a steady supply of clean energy for ADC’s data centres, and is said to reduce reliance on South Africa’s national grid and transition to cleaner energy sources.

The rollout will occur in two phases. The initial phase prioritises supplying ADC’s Cape Town data centre, as a result of Cape Town having the necessary regulatory framework and infrastructure for power wheeling in place, ahead of Johannesburg and Tshwane (Pretoria). “Construction starts in the next three months, and we are looking to have 12MW available for the grid in the next 12 months,” said Finhai Munzara, chief financial officer at ADC.

Meanwhile, South Africa recently took a breather from load shedding. Between March 26 to April 5, 2024, Its citizens reportedly enjoyed a 10-day reprieve from load shedding, the longest stretch since December 2023. The Easter holiday weekend naturally led to lower power demand, and cooler weather also played a role as Eskom’s coal fleet performed surprisingly well, generating enough electricity to meet demand without resorting to blackouts.

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Telecoms

In January this year, Nigeria’s mobile subscription numbers took a tumble due to the implementation of the mandatory National Identification Number (NIN)-SIM card linkage requirement by the country’s telecom regulator, to mitigate the use of unregistered SIM cards in the country. 

In December 2023, the total number of active subscriptions across four mobile networks—Airtel, MTN, Glo and 9mobile—stood at 224.4 million. However, January 2024 saw a drop to 218 million as subscribers scrambled to comply with the NIN-SIM directive.

MTN in particular, suffered a 2.8 million internet subscription loss leaving 67.8 million subscribers in January 2024, from 70.6 million subscribers in December—the most decline the telcom has seen since May 2023. 

Well, those numbers are starting to bounce back. As of February 2024, active mobile subscriptions in Nigeria climbed back to 219.7 million. The industry’s top dogs, MTN and Airtel, were the key drivers of this growth. According to NCC data, MTN, the market leader, added 1.1 million new subscriptions, bringing their total subscribers to 80.9 million. Airtel wasn’t far behind, adding 434,175 new subscribers and pushing their base to 63 million. Globacom, the third-largest operator, chipped in with a modest increase of 176,756 subscriptions.

The NCC’s directive for network barring of unregistered SIM cards remains in effect. This may lead to further fluctuations in subscription numbers in the coming months, as deadlines for NIN submission and verification have passed.

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Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$69,072	– 2.66%	+ 0.72%
Ether	$3,525	+ 7.85%	– 9.04%
Saga	$6.23	+ 6.80%	+ 6.80%
Solana	$171.53	– 3.56%	+ 21.81%

* Data as of 06:15 AM WAT, April 10, 2024.

Events

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Who calls the shots at Susa Ventures-backed Okra?
• Access, UBA and Zenith, total assets exceed ‘N20 trillion, form largest banking trio in Nigeria
• Elon Musk says his posts did more to ‘financially impair’ X than help it

Written by: Mariam Muhammad, Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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Crypto

The scuffle between the Nigerian government and Binance is becoming hard to keep up with. 

Two days ago, Binance asked the Nigerian government to let its people go. Tigran Gambaryan, who has been detained for about five weeks since flying into the country to resolve Binance’s restricted website access made his first appearance in court yesterday after being charged with a tax evasion charge. 

ICYMI: Gambaryan was charged alongside Binance’s Kenya-based regional manager for Africa, Nadeem Anjarwalla, who fled Nigeria on March 22, by Nigeria’s tax agency, the Federal Inland Revenue Service. Gambaryan, the former US agent will reappear in court on April 19 after a Nigerian High Court adjourned the case till then.

The FIRS also charged Binance for failing to register with it, alongside four other charges: nonpayment of corporate income tax and value-added tax, failure to file tax returns, and cooperation in helping users of its website avoid paying taxes. A Nigerian high court, yesterday adjourned the company’s tax evasion court case till April 8.

An impending suit: Gambaryan, who is yet to get the final ruling on his tax evasion case, is the subject of a potential money laundering charge by Nigeira’s anti-graft agency, the Economic and Financial Crime Commission (EFCC).

It appears there is no love lost between Gambaryan, leader of Binance’s Financial Crime Compliance unit and the EFCC who claimed to have buddied up to fight fraud and money laundering activities in the country. Premium Times, yesterday reported that the EFCC planned a money laundering charge against Gambrayan, but the anti-graft agency faced a stern battle with Gambrayan’s lawyer who argued that Binance, the company, should be the target of the money laundering lawsuit, not Gambaryan himself.

Gambrayan’s lawyer based his argument on the fact that only the representative of a company in Nigeria could be charged individually for a suit. He argued first that Binance had no physical presence in Nigeria and that Gambaryan did not qualify as an agent of Binance in Nigeria.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Mobility

Startups across the continent are justling for a top spot in Africa’s nascent electric vehicle (EV) industry. Last year, Possible EVs set up shop in Nigeria to produce up to 10,000 EVs annually. Spiro, an e-mobility company, also signed a $63 million debt financing to fund two electric motorcycle assembly and battery manufacturing plants in Benin and Togo in 2024. Roam, an EV company recently introduced Kenya’s first locally manufactured electric bus.

And now, Kenya is setting the stage to attract more EV manufacturers into the country.

The news: Yesterday, Kenya launched a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles (EVs).

The policy, done in collaboration with the state’s trade and investment ministry, will help facilitate the production of EV components and support local battery manufacturing, recycling, and repurposing efforts. 

The big picture: While the new policy will help reduce Kenya’s reliance on petroleum for its mobility needs and save on petroleum import bills, the e-mobility draft policy is also coming at a time when electric buses are becoming a part of the daily lives of Kenyans. Roam’s electric buses now serve as commute vehicles for Kenyans. The company is also planning to introduce electric buses for Nairobi’s bus rapid transit (BRT) system.

Ride-hailing companies are also in the mix. Uber partnered with Greenwheels Africa to make electric motorbike rentals available in the country. Similarly, Bolt recently invested KES100 million ($770,000) to integrate e-mobility solutions into its services in Kenya. 

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AI

Yesterday, Nigeria’s minister of communications, innovation and digital economy, Bosun Tijani, faced a bit of fire on social media.

Why? The minister had announced, on Wednesday, that the country will collaborate with 120 researchers, startups and stakeholders to create a plan for implementing AI across the country. These experts would come up with this framework at the National Artificial Intelligence Strategy Workshop scheduled to be held from April 15 to 18, 2024 in Abuja. 

So why is Tijani facing fire? According to social media, AI is the least of Nigeria’s problems. One poster said, “We don’t even have the basic infrastructure to build AI frameworks on.” Another tweeted, “How do you start researching AI when you don’t have electricity? How will you power the AI?”

Nigeria’s tech minister, however, had some answers: Per Tijani, the aim is to co-create a multi-year strategy and action plan for research and AI adoption in the country and a framework for AI adoption in the country. 

“The need to coordinate and harness the power of AI for national development is a critical element in our journey towards the use of technology to accelerate productivity in our country,” he stated. Tijani emphasised that this was an opportunity to leverage AI, noting its transformative impact on agriculture, education, healthcare, and productivity.

The minister highlights that one of the earliest initiatives from the start of his term in office was to properly define and outline a comprehensive Artificial Intelligence Strategy for Nigeria.

This isn’t the first time Tijani’s AI ambitions have rubbed Nigerians the wrong way: Earlier in February, after Tijani spoke about Nigeria’s future with AI, Printivo founder Oluyomi Ojo noted, in a tweet, “If as a nation you can’t feed your 200m people and keep lights on. You have no business discussing AI. You can’t AI your way out of multi-dimension properly. We can have pockets of talents or small wins here and there but ain’t no way AI will drive your economy.”

Other experts, however, think Nigeria is ripe for AI: “AI development is happening around the world in real-time. If Nigeria does not take its place, it will be left with the crumbs,” said Kehinde Olateru, CEO and Co-Founder of Zero Complex AI, in an interview with TechCabal last month. 

One report by Diplomacy states that the AI industry is growing across Africa with over 2,400 companies specialising in AI, 41% of which are startups and estimates indicate that the technology could contribute $1.5 billion to the continent’s GDP by 2030. Globally, an increasing number of governments are releasing national AI strategies, setting objectives to capitalise on the technology’s opportunities while addressing its challenges. Already, Egypt, Mauritius and Rwanda have published national AI strategies. 

Despite the proliferation of artificial intelligence (AI) in Africa being on the rise, the readiness of countries on the continent is below the global average with “21 out of the 25 lowest scores belonging to Sub-Saharan African countries” according to the Government AI Readiness Index 2022 by Oxford Insights.

As per the Index findings, Mauritius emerges as the leading African government prepared for AI, securing a score of 53.38 out of 100 and claiming the 57th spot globally. Following closely, Egypt ranks second in Africa and 65th worldwide, surpassing South Africa, Tunisia, Morocco, Kenya, Rwanda, Seychelles, and Nigeria. Botswana rounds out the list of the top 10 African countries poised for AI readiness.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

TC Insights

BURN Manufacturing (BURN), a renewable energy company based in Kenya, raised over $12 million in carbon financing via private equity. The funding round was led by Key Carbon Ltd. and backed by Cartesian. 

Here are other deals for the week:

• Zeepay, a Ghana-based fintech, closed a $3 million equity investment from Verdant Capital Hybrid Fund. 
• Kenyan electric bus startup BasiGo secured $3 million worth of equity funding from CFAO Group. 

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$67,932	+ 3.46%	– 0.19%
Ether	$3,282	– 0.03%	– 11.59%
Wormhole	$0.99	– 13.20%	– 27.81%
Solana	$177.26	– 2.32%	+ 43.94%

* Data as of 05:45 AM WAT, April 5, 2024.

Events

• Come and get an exclusive scoop into the State of Tech in Africa in Q1 2024. On April 12 by 11 AM (WAT), TechCabal will launch its SOTIA report which spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. As a stakeholder in Africa’s Tech Ecosystem, these insights will help you position strategically and uniquely to harness the innovative progress within this sector. You don’t want to miss this. Register here now to make sure!
• The second edition of TechCabal’sMoonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Nigeria’s stock exchange buys stake in Ethiopia’s first-ever bourse
• Bank of Tanzania raises interest rate to 6% amid steady inflation
• Huawei takes on big cloud providers with $10m credits to Nigerian startups
• How to solve the problem of financial inclusion in Nigeria

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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Economy

In the ever-changing economy of East Africa, Uganda and Kenya are confronting inflationary challenges with resolve.

A central solution: Uganda’s March 2024 annual inflation rate dipped marginally to 3.3%, a notch below the Bank of Uganda’s 5% target. This slight decrease in inflation was made possible because the Central Bank of Uganda kept its Central Bank Rate (CBR) steady at 9.5%. This helped to keep the core inflation rate stable at 3.4% for several months in a row.

Despite the decline in inflation for some goods, the overall inflation rate rose to 5.5% compared to last year. 

Kenya also witnessed a downtick in its year-on-year inflation to 5.7% in March 2024, attributed to the Kenyan shilling’s resilience against the US dollar, trading at KES132 ($1). However, this doesn’t translate to relief for everyday Kenyans. The cost of essential goods and services like transportation, housing, and food remains high, constituting over 57% of expenditure weights, as per the Kenya National Bureau of Statistics.

In fighting inflation, Kenyan’s Central Bank and other East African central banks are raising interest rates. In February 2024, the CBK increased the interest rate from 12.5% to 13%, their biggest jump in over a decade. This means Kenyans might pay more for loans like mortgages or car loans. The bank hopes this will slow down inflation and bring price increases closer to their target of 5%.

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Funding

When it comes to powers raising money, businesses have a variety of options. They often turn to debt instruments like bonds, selling shares of ownership (equity), or even short-term loans from a bank. However, when businesses need bigger sums of money, they adopt a more powerful tool: syndicated loans. 

Side bar: Think of a syndicated loan as a group project for lenders. A bunch of banks or other financial institutions team up to provide a single, large loan. This lets the borrower access a hefty sum of money while spreading the risk among the lenders.

That’s exactly what the African Finance Corporation (AFC) just did! Launched in 2007, the AFC is a pan-African development financial Institution that provides funds for Africa’s infrastructure deficit across six industries: Power, Transport and Logistics, Natural Resources, Telecommunications and Heavy industries.

A $1.16 billion loan: Lenders from across the Middle East, Europe, and Asia have all joined forces to provide the AFC with a $1.16 billion, its largest debt facility yet. First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank, Standard Chartered, Industrial and Commercial Bank of China, Société Générale, Bank Muscat, and Intesa Sanpolo Bank Luxembourg S.A all took part in the deal.

So, what will the AFC do with all this cash? The AFC is on a mission to bridge Africa’s infrastructure gap. This loan will fuel crucial projects across the continent, from building vital transportation links to developing clean energy solutions. By investing in these areas, the AFC aims to unlock Africa’s economic potential and create a brighter future for all.

Cybersecurity

Nigeria’s IT bulldog, the National Information Technology Development Agency (NITDA), has issued yet another warning. Early in March, the agency raised an alarm about a sneaky malware program called “Ov3r Stealer” that targets Facebook accounts and extracts sensitive information. 

This time, the agency is warning Nigerians about a rise in QR code scams. 

What’s happening? NITDA warns that fraudsters are now using these codes for phishing attacks, payment redirection, and even data theft. The agency is now urging Nigerians to exercise caution when scanning QR codes.

 QR code is a technology which gained popularity due to the COVID-19 pandemic. Although it was celebrated for its rapidness and convenience in accessing information and services, QR Codes have regrettably morphed into a technology exploited by fraudsters for fraudulent acts. Keepnet Labs reported that  QR code phishing emails saw a significant surge between June and August of 2023. Security systems identified 8,878 of these incidents, with June being the peak month at 5,063 reported cases. Only 36% of these incidents were accurately identified and reported by the recipients.

The Hoxhunt Challenge, a flagship project designed to quantify human cybersecurity risk across the world’s biggest industries conducted a test in 125 countries and reported that 22% of phishing attacks used QR codes in October 2023. 

Zoom out: NITDA also stressed the importance of verifying the authenticity of QR codes and their associated links before scanning. Additionally, NITDA recommends using trustworthy QR code scanning applications equipped with robust security measures and maintaining up-to-date antivirus.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

AI

Microsoft is taking its AI race seriously.

Although the company cannot keep up with the pace of building AI models as quickly as OpenAI, it recently buddied up with the ChatGPT maker and poured about $13 billion worth of investments into it. 

Last month, however, Microsoft made a step in plugging that hole. The company appointed Mustafa Suleyman, co-founder of AI startups DeepMind and Inflection, as head of its consumer AI business, the unit responsible for Copilot, a chatbot similar to ChatGPT. Suleyman’s hire alongside the appointment of most of Inflection’s 70 employees will give Microsoft a new edge in building its own unique set of sophisticated generative AI models. 

No stop in sight: According to The Information, Microsoft is reportedly working with OpenAI to launch a data centre that will house an AI supercomputer “Stargate” with millions of specialised server chips to power OpenAI’s artificial intelligence. Microsoft will also fund a huge part of the project which is estimated to cost about $100 billion.

What’s in it for Microsoft? While the data centre will power ChatGPT, Microsoft will gain access to OpenAI’s proprietary technology and the sole right to resell it to its cloud clients, including Morgan Stanley. Microsoft also included OpenAI’s tech in its latest AI Copilot features for Teams, Office, and Bing.

The “Stargate” project, set to be launched by 2028, is in its preliminary stages of discussion, plans could change depending on how both companies perceive the deal. The data centre is said to be one of the biggest data centres by cost and could cost 100 times more than some of the world’s largest data centres. 

Microsoft is also said to be working on a smaller, fourth-phase supercomputer for OpenAI that will be launched around 2026.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$70,402	– 1.37%	+ 13.22%
Ether	$3,528	– 2.15%	+ 4.49%
dogifwhat	$4.37	+ 1.70%	+ 267.87%
Solana	$198.68	+ 1.28%	+ 54.11%

* Data as of 06:55 AM WAT, April 1, 2024.

Events

• The second edition of TechCabal’sMoonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful getting an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024 in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Who calls the shots at women-focused startup Herconomy?
• How CAF president Patrice Motsepe could impact Canal+’s bid for MultiChoice
• Nigeria tells banks to raise minimum capital to $359 million 
• OpenAI’s voice cloning AI model only needs a 15-second sample to work

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

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ads@bigcabal.com

Economy

Like many other African countries, Egypt is presently suffering from one of its worst economic crises in a decade. Inflation currently stands above 35%, the country has devalued its currency thrice in three years to keep up with the pace of its weakening pound. 

The country was also on the brink of defaulting on a $165 million foreign debt before the United Arab Emirates swung in with a $35 billion cash injection. 

Now, more international communities are lending a helping hand to the embattled country. 

A big bailout: The European Union promised Egypt a $8.1 billion bailout fund to help salvage its ailing economy. The new capital injection—a mix of grants and loans—is the latest support the North African country has gotten from the international community to help support its economy. 

The EU aid package to Egypt consists of €5 billion loan, €1.8 billion investment in renewable energy and food security projects, €600 million worth of grants, and €200 million allocation for ‘migration management—as Egypt is a major route for migrants travelling to Europe. The EU favours priority areas including economic stability, investments and trade, migration, and security in its fund disbursement to the northern African country.

Egypt, which has become a new alternative for natural gas exports to Europe, will continue its journey in navigating a way of its dwindling economy. The country is in agreement with the World Bank, the UK, and Japan for more capital injection.

Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint.

Fintech

Since its launch in August 2019, Kuda, a Nigerian digital bank, has processed ₦55.8 trillion ($35.4 billion) in transactions, serving over five million customers. In August 2021, the neobank also closed a $55 million Series B round at a $500 million valuation.

In 2022, Kuda made its first foray into the cross-border payment space, by securing a payment licence in the United Kingdom and rolled out a subscription-based remittance offering, which according to sources was reportedly discontinued.

Even more licences: In another attempt, the Target Global-backed fintech has secured payment licences in both Canada and Tanzania, allowing it to offer remittance and multi-currency wallet services.

Kuda’s current focus seems to be on catering to the financial needs of Africans living abroad, particularly in countries with large African populations like the UK and Canada. The company is now only present in two African countries—Nigeria and Tanzania. In January 2023, Kuda also acquired a digital banking licence to operate in Pakistan.

What this means: Kuda will go head-to-head with other startups like LemFi and Nala, targeting the African diaspora with financial services. With a rising number of Nigerians migrating to countries like Canada—22,085 in 2022 alone—the demand for remittance services is high. This trend is mirrored across Africa, with remittance inflows reaching an estimated $100.1 billion in 2022. 

Funding

Founded in 2008, Appzone started by building custom software solutions specifically tailored for banks. In 2012, it became a pioneer in facilitating branchless banking for Diamond Bank, a revolutionary concept at the time. This success continued with internet and mobile banking services for Providus Bank and an instant card issuance system for Guaranty Trust Bank. 

But Appzone’s vision extended beyond traditional solutions. It decided, in 2022, to carve out a new subsidiary—Zone—a blockchain-enabled payment infrastructure company dedicated to building a future-proof payment network, and made its original banking-as-a-service business into a separate standalone company, Qore. 

First funding milestone: After it spun off from its parent company, Zone has secured its first VC funding of $8.5 million. Its funding comes amidst a challenging fundraising environment for African startups, where funding in 2023 dropped by 36% compared to $5 billion in 2022. Investors like Flourish Ventures and TLcom led the seed round.

With this funding, Zone plans to expand its network domestically, improve its technology—particularly instant settlements—and develop new use cases for its blockchain network beyond ATMs. Zone claims over 15 of Africa’s largest banks and fintech companies use its network to process payments including Access Bank Plc and United Bank of Africa. 

Zoom out: The company will spend part of the fresh funding to conduct a comprehensive pilot program to test its cross-border capabilities, as it plans to launch a remittance product in 2025.

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AI

Apple is looking outward for AI solutions. 

Since the inception of ChatGPT and generative AI, the race for domination in AI and AI-enabled systems has been a rush. 

Tech startups have looked for smart ways to incorporate AI into their existing systems, while established tech giants scramble to defend their turf and develop their own competitive AI solutions. 

The news: Apple is in talks with Google to integrate the Gemini artificial intelligence engine into the iPhone. Both companies are currently negotiating for Apple to license Google’s Gemini AI for upcoming iPhone features in 2024.

Why? The thesis is that if Apple is going to keep AI as its dominant smartphone globally there would be a need to put some generative AI in the loop. While Apple might be building its own AI feature in-house, Google Gemini represents a superior product that the tech giant can incorporate into its system.

The latest move to integrate with Google’s Gemini might be an indication that Apple’s internal AI efforts might not be progressing as expected. Apple also reportedly approached OpenAI to use some of its AI models. It remains to be seen who will be the eventual choice for the tech giant—or if Apple perfects its AI systems just in time. 

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Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$65,603	– 3.07%	+ 27.20%
Ether	$3,415	– 4.18%	+ 18.41%
Book of Meme	$0.010	– 42.20%	+ 1018.10%
Solana	$185.61	– 8.81%	+ 71.38%

* Data as of 5:16 AM WAT, March 19, 2024.

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The Meme Token Making Millions: The world of crypto is full of surprises, and the latest head-scratcher is Book of Meme (BOME), created by Darkfarms, a crypto artist. Launched on March 12 on the Solana blockchain, BOME is causing a stir for a few reasons.

• BOME aims to be an archive for memes, providing tools for making them and using blockchain to track ownership and usage.
• BOME’s launch has been no laughing matter. A crypto trader made a $4.3 million profit by trading BOME tokens 10 hours after its launch. Another trader pocketed $127,000 within 14 hours. 

According to CryptoPotato. BOME’s market cap now surpasses $1 billion, making it the 88th largest cryptocurrency by this metric. This has also contributed to Solana’s rise as the fourth-largest cryptocurrency by market capitalisation.

Binance, the world’s largest crypto exchange has warned its users about BOME. Meme coins, like BOME, are known for being highly volatile, meaning their value can fluctuate rapidly, which makes them a risky investment.

Opportunities

• In collaboration with AfriGloCal VC, a venture capital firm building the African future by investing in entrepreneurs with global perspectives and innovative solutions, Lagos Innovates unveils its latest initiative, the Female Founders & Funders Program, an incubation and acceleration program designed for women. Female Startup Founders, apply here. Female Funders/Angel Investors, apply here. 
• The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March 30. 
• Applications are open for the Access Bank Youthrive Program for Nigerian MSMEs. The program is a collaboration between the bank and the Vice President’s office, dedicated to empowering individuals and MSMEs. With a focus on capacity development, financial empowerment, and business exchange, the program aims to impact 4 million youths over the next four years. Apply here.

Here’s what you should be looking at

• Binance crackdown based on analysis of P2P trading in February
• OurPass will acquire MFB licence to offer more banking services to customers
• The Next Wave: The future of fintech regulations
• SEC proposes ₦1 billion capital requirement for virtual asset companies

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

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